Three key priorities that will shape CIO decision making over the coming year

As industries across the Middle East bounce back from the economic turbulence of the last two years, International Data Corporation (IDC) believes there are three broad themes that will shape the tech investment decisions of the region’s chief information officers (CIOs) and the organizations they represent through 2022 and beyond – the implementation of a digital-first strategy, the quest for digital resiliency, and the pursuit of hybridity. That’s according to IDC’s group vice president and regional managing director for the Middle East, Turkey, and Africa, Jyoti Lalchandani, who attributes the first of these themes to the rapid acceleration of digital transformation seen since the start of 2020.

“The pandemic has led many organizations in the Middle East to bring their digital road maps forward by up to two years and increasingly shift towards a digital-first strategy,” says Lalchandani. “This means choosing digitalization options over non-digital options as a rule, while implementing or enhancing new products, services, channels, customer/employee experiences, and operational processes. We are increasingly seeing organizations across the Middle East embrace this approach and expect it to proliferate further over the year ahead.

“Likewise, the uncertainty wrought by the pandemic had put the corporate focus on business resiliency. However, in order to be successful in the future, organizations need to go beyond business resiliency and strive instead for digital resiliency. While business resiliency tends to focus on anticipating a crisis and preparing for it, digital resiliency is focused on rapidly adapting to any business disruption. It is not just about recovering and going back to business as usual but also about capitalizing on the newly changed conditions. To this end, being digitally resilient requires resiliency across many parts of the organization, all working together, including in areas such as leadership, finance, workforce,

Jyoti Lalchandani,

IDC’s group vice president and regional managing director for the Middle East, Turkey, and Africa

operations, brand, customers and ecosystems.”

In a recent survey of large and medium-sized organizations conducted by IDC across the Middle East, 40% of the respondents said they are now actively investing in developing their digital resiliency capabilities. Lalchandani believes these resilience strategies must be underpinned by “hybridity” and urges organizations to embrace digitally augmented hybrid approaches and models across their business and IT processes and functions.

“Digital strategies need to enable seamless customer engagement not only through digital channels, but also through digitally augmented physical stores and branches,” says Lalchandani. “The workforce now needs to be supported with technology to flexibly deliver via a hybrid model of working from home, in the office, or anywhere else. And at the same time, digital transformation is enabling hybrid business models that create new non-traditional revenue streams through ecosystem partnerships, while even digital innovation itself is becoming hybrid – with in-house innovation running alongside co-innovation with partners and customers. As such, designing for hybridity and managing hybridity will be major priorities for CIOs in 2022 and beyond.”

These three themes will shape discussions at the upcoming IDC Middle East CIO Summit 2022, which will take place on February 22-24 under the theme ‘Accelerating the Journey to a Digital First World’. Featuring an opening keynote from His Excellency Wesam Lootah, CEO of Smart Dubai Government, Digital Dubai the summit will incorporate a two-day in-person gathering at The Ritz-Carlton Hotel, Dubai International Financial Centre, followed by a one-day virtual event, hosting more than 500 CIOs and influential business leaders from across the region.

The annual IDC Middle East CIO Summit is the place to come for thought-provoking, in-depth discussions about cutting-edge tech solutions, emerging use cases, and proven strategies for driving success. For 15 straight years, it has served as the ICT world’s premier source of learning about the industry’s latest developments.

This year’s edition will showcase exclusive insights from His Excellency Dr. Mohamed Al Kuwaiti, head of cybersecurity for the UAE Government, and Dr. Peter Diamandis, a New York Times Bestselling author of three books and founder of the XPRIZE Foundation. Meanwhile, the second day of the summit will feature Khalid Al Ameri, renowned Emirati blogger, columnist, motivational speaker, and social media influencer, as the event’s master of ceremonies.

How to Fund Your Business Idea

You’ve got a business idea that you want to turn into a reality? Funding your business is one of the key considerations for successfully getting the ball rolling. Whether you need to buy equipment, buy stock, or market your offering, business funding is essential. In most cases this will involve external sources, such as banks, fast payday loans, for financial assistance. This article takes a closer look at your options.

How Much Money Do I Need to Launch My Business?

How much money you need will depend on the business itself. Some business ventures will need significant investment to cover equipment or offices. For example, a manufacturing business will need expensive machinery and tools as well as a dedicated workshop and factory site. In comparison, other types of businesses have minimal overheads, only requiring a laptop and internet connection at first.

It’s important to consider the needs of your business before you think about how much money you need to fund it.

How Do I Fund My Business Without the Bank?

With all the right preparation, you hope that any business idea will succeed and take off with flying colours. However, it’s not always plain sailing when it comes to business and there will be plenty of trial-and-error moments in your journey. That’s why it’s important not to load your business with debt before you even start trading or before you feel confident your business is stable enough.

Using your own funds is the most sensible and logical place to start when you’ve got a business idea to explore. You could fund your start up through savings, redundancy payments, inheritance, or retirement funds. There are a few examples of what you could use. If you have any valuable assets, such as jewellery or a car, you could consider getting an asset-based loan, or simply sell an asset to fund your business idea.

Another way you can fund your business yourself is by borrowing from friends and family. However, often people like to stay away from mixing business with close relations given the politics that can evolve. There may be a family member who might want to join forces with you on a business idea.

In general, the more self-reliant you are when it comes to funding your business, the more reliable you will seem in the future when it comes to seeking investments. After all, how can you expect others to invest in your business when you haven’t done so yourself?

Is It Possible to Get Business Funding from My Bank?

In short, yes, it is. After all, despite your best efforts to fund your business yourself, sometimes you need to turn to commercial lenders for financial support. It’s important to bear in mind that many external sources of funding will want to ensure your business is a safe and reliable business to invest in. It’s unlikely to get funding for an untested business idea. It may be a good idea to create a

business plan and put together a ‘pitch’, so to speak, of your business to offer confidence and reassurance in those you’re seeking funding from. This should outline how much money you need exactly and why you need it. It should also include a plan of how the money is going to be spent and forecasted returns. It’s also important that you are realistic with the risks associated in your business idea and explain how you would manage such risks, rather than being naively optimistic.

Article by Saad Shafiq